This bill appropriates $300 million from the General Revenue Fund of the State Treasury to the Oklahoma Department of Commerce for the fiscal year ending June 30, 2025. The funds are designated to implement a reparations program for individuals and property affected by the Tulsa Race Massacre, which occurred from May 31 to June 1, 1921. The bill establishes the Tulsa Race Massacre Compensation Revolving Fund, which will be a continuing fund not subject to fiscal year limitations, allowing for ongoing payments related to the damages incurred during the massacre.

The Oklahoma Department of Commerce is tasked with creating and administering the compensation program, with assistance from nonprofit organizations and other state entities. A committee will be formed to provide input on the program, consisting of members from the Senate and House of Representatives, as well as appointees from the Chief Executive Officer of the Oklahoma Department of Commerce. The committee will include individuals representative of the affected communities, such as historians, clergy, and advocates. The bill also includes provisions for the fund's management and outlines the process for making payments to eligible survivors and descendants of the victims. The act is set to take effect on July 1, 2025, and declares an emergency for its immediate implementation.